ISLAMABAD: The global shift in economic development comes at a time when Pakistan’s economy is plagued by persistent macro-economic instability, sluggish growth and mounting external debt.

This was the crux of a book called ‘Pakistan’s Pathways to Development: Integrating Economy, Environment, and Society’ that was released on Wednesday at the Institute of Strategic Studies Islamabad (ISSI). Dr Neelum Nigar edited the book, and 10 eminent economists provided chapters on various aspects of the economy.

The book comes at a crucial time when global discourse on development increasingly emphasised the need for comprehensive, integrated approach and balance economic growth, environmental sustainability and social equity.

Dr Neelum said this paradigm shift arose from the recognition of traditional development model, which often prioritised economic expansion alone, resulting in environmental degradation and deepening of social inequality.

She said for Pakistan this shift was particularly important as its economy stood at a critical juncture.

Despite multiple bailout packages from international financial institutions including the IMF, the country has yet to achieve meaningful economic recovery, Dr Neelum said.

Former state minister Haroon Sharif, one of the book’s writers, stated that the current state of affairs made economic development in Pakistan extremely difficult.

He said the process would take several years. He went on to remark that no meaningful attempts were made in the past to make the change while other Asian nations reaped the advantages of the Cold War.

Mr Sharif said geopolitics was exploited as an economic instrument, adding that Pakistan got money in the post-9/11 period between 2003 and 2011, but there was no borrowing.

As the relevance of geopolitics minimised, Pakistan has resumed borrowing from bilateral and multilateral sources. “I don’t see the transformation for the time being,” he said.

Former economic adviser and renowned economist Dr Waqar Masood Khan said people must discuss all sectors of the economy, including expenditure on education and health.

He stated that Pakistan had achieved progress while confronting so many hurdles, adding that Pakistan was currently confronting problems that were unprecedented in the world.

Others who spoke on the occasion included Ambassador Sohail Mahmood, Dr Faisal Bari, Kosar Bano and Dr Safdar A. Sohail.

Published in Dawn, October 10th, 2024